ExxonMobil is reportedly assessing a potential return to Venezuela, a nation holding the world's largest proven oil reserves. This consideration follows the recent overthrow of Nicolás Maduro and ongoing discussions regarding the future of Venezuela's energy sector. However, ExxonMobil CEO Darren Woods has previously stated that Venezuela remains "uninvestable" due to its current legal and commercial frameworks, citing two instances where the company's assets were seized. He emphasized the necessity of "significant changes" to these frameworks, durable investment protections, and amendments to hydrocarbon laws before a substantial re-entry. ExxonMobil also has billions in outstanding claims from prior expropriations. Meanwhile, Chevron, currently the only major U.S. oil company with operations in Venezuela, is actively in talks with the U.S. government to expand its license to produce and export crude oil. The company had ambitious plans in late 2023 to increase its daily output by 65,000 barrels by the end of 2024, aiming for 200,000 bbl/day through joint ventures with state oil company PDVSA. While its production reportedly saw a temporary wind-down in mid-2025 due to sanctions, the latest developments in early 2026 signal renewed efforts for increased output following political shifts. The broader U.S. administration, under President Trump, is pushing for American oil companies to re-engage and invest significantly in Venezuela's deteriorating oil infrastructure, offering potential security guarantees and overseeing oil sales. These developments highlight a dynamic shift in U.S.-Venezuela relations and the potential for a significant impact on global oil markets.